As previously reported, Goldman upgraded Disney to Buy from Neutral and raised its price target to $134 from $109. Analyst Drew Borst believes accelerating FY18 earnings growth will result in P/E mean reversion and drive shares higher over the next 12 months. Borst said the FY18 film slate might be the best ever, with 4 Marvel films, 2 Star Wars films, and 3 animated fimls, with several having large consumer product opportunities. He believes ESPN headwinds cold abate driven by normalizing NBA costs and additional upside from stabilization in pay TV subs driven by new virtual MVPD services and traction frm the ESPN OTT service launch. Further, the analyst there are several major new park attractions on the horizon and sees optionality from tax reform.

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